Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h −0.352%

Price spread now: BingX against dYdX+0.152%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on dYdX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. BingX is 0.152% dearer against dYdX than usual: you sell high and buy low (spread +0.152% now, against zero (this spread has no 7-day history yet)): +$15 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX PENGU-USD	0.008726	0.0159	pay 0.0020% / 1h	56m 59s	$12K	$4K	5x
Short	BingX PENGU-USDC	0.008739	0.0100	get 0.0050% / 4h	1h 56m	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against dYdX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee dYdXbpFee BingXbpOrdersPrice spread, now +0.152%Rate

Funding earned: −$12.49
Price spread: +0.152% → 0.000%: $15.18
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$17.32
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: dYdX: no order-book sample; BingX: live order book, 6 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy dYdX no order-book sample	—	—	—	—	—
Sell BingX live order book, 6 min ago	1.71 bp	16.7 bp −$17	53.0 bp −$530	393.7 bp −$39.4K	doesn't fit

dYdX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

PENGU on 33 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit PENGU_USDC-PERPETUAL	−0.0093%	1h	0.008731	+0.060%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008734	+0.092%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.725%	$3K	$117K	5.5x	as long as short
Gate PENGU_USDT	+0.0068%	4h	0.008737	+0.129%	$3.4M	$15.3M	75x	as long as short
01 Exchange PENGUUSD	+0.0088%	1h	0.008731	+0.060%	$200	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008737	+0.129%	$310K	$707K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008732	+0.072%	$19K	$161K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008731	+0.057%	$588K	$988K	5x	as long as short
Hyperliquid PENGU	+0.0100%	1h	0.008740	+0.163%	$8.1M	$14.7M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008732	+0.072%	$131K	$523K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PENGU	+0.0100%	1h	0.008728	+0.026%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008763	+0.426%	$37.2M	$156.5M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008762	+0.415%	$23.1M	$38.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008768	+0.484%	$7.5M	$46.3M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008730	+0.049%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008744	+0.209%	$11.8M	$12.3M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008731	+0.060%	$4.7M	$9.1M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008776	+0.576%	$8.3M	$12.4M	75x	as long as short
BingX PENGU-USDCshort	+0.0100%	4h	0.008739	+0.152%	—	$2.3M	—
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008743	+0.198%	$300K	$280K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008789	+0.724%	$874K	$987K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008783	+0.660%	$466K	$2.1M	10x	as long as short
ApeX Omni PENGUUSDT	+0.0100%	1h	0.008784	+0.667%	$80K	$243K	50x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008938	+2.432%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008730	+0.049%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008745	+0.221%	$93K	$340K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008775	+0.564%	$183K	$941K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008725	−0.009%	$202K	—	3x	as long as short
dYdX PENGU-USDlong	+0.0159%	1h	0.008726	long leg	$12K	$4K	5x
Reya PENGURUSDPERP	+0.0238%	1h	0.008727	+0.017%	$295	—	10x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0511% / S −0.0582%	1h	0.008733	+0.083%	$119K	—	100x	as long as short
Kraken Futures PF_PENGUUSD	+0.0651%	1h	0.008739	+0.151%	$352K	$2.3M	50x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2296%	1h	0.008967	+2.765%	$95K	$94K	50x	as long as short